What Is The Difference Between Bottomry And Respondentia?

Can anyone differentiate between Bottomry and respondentia?Please guide.
Posted 1 year ago  | 
Insurance
Insurance

1 Answer(s)

Ravindra Purohit
Advocate

A contract in the maritime law, recognized by many nations, concluded in a foreign port for prepayment of advances made to supply a ship with necessaries secured over the cargo and recorded in a bond of respondentia. whereas bottomry is (nautical) an early form of maritime contract in which owner of a ship could borrow money using the ship as collateral.